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Airbnb secures US$1bn in new credit

Airbnb has secured a further $1 billion in loans from institutional investors. The cash comes as the home rental site seeks to bolster is liquidity position in the midst of the Covid-19 pandemic. Demand for accommodation has fallen precipitously in recent weeks, as governments around the world urge citizens to remain at home and slow the spread of the virus.

The new resources will ensure Airbnb can continue to invest in its company and community of hosts and guests in over 220 countries and regions around the world, the company said.

Airbnb is raising cash by issuing first-lien debt, which has priority on the assets of the company in case of a default. The company also secured a $1 billion investment from stakeholders earlier this month.

Brian Chesky, Chief Executive, Airbnb said, “I deeply appreciate the confidence and trust that so many have shown in our company even as every sector in travel is going through the storm of the pandemic. We know travel will return and rather than merely hunkering down, the support we have received will allow Airbnb to continue moving forward as we invest in our community. All of the actions we have taken over the last several weeks assure that Airbnb will emerge from the storm of the pandemic even stronger, regardless of how long the storm lasts.”

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